This week, Medica Individual and Family Plan (IFP) members began to receive letters about a rebate check they will receive in the near future. These checks will be sent out due to the fact that Medica did not meet the Medical Loss Ratio (MLR) in 2018.
The MLR rule is required by the Affordable Care Act and states that if a carrier spends under 80 percent of the premium dollars collected in a given year, they must return the remaining funds to members. Contact us for more information about this rule.
Please note that all IFP members will receive rebate checks, including those with a $0 premium. The average amount of these refund checks is $21. Checks have not been mailed yet, and we are currently unaware when members will begin to receive them. Make sure your clients are aware of these upcoming checks!